Credit Card Debts....

[Dr.Evil]

ok, i have about $20k in credit card debts from 5 different banks. what would happen if i just said screw it and not pay it?

i really don't care about my credit at this point. i don't plan on ever applying for a loan for the rest of my life. could i get into any legal trouble by not paying my credit card debts? i can live with those annoying collections agencies' phone calls and letters, but i just don't want to go to jail...

 

[the nature boy]

wow i dont know what kind of legal stuff could happen to you. do you ever plan on buying a house, or a car? Also some jobs check your credit to see what kind of person you are.

 

[Dr.Evil]

i already have a house and 2 cars. i'm also self employed.

i could pay this debt back, but it would be nice if i didn't legally have to lol.

 

[Mickey Knox]

Well, you could erase all your debt by filing for bankrupty. As long as your house and cars weren't paid for with the credit card they couldnt come and get them.

But that's not in stone either, my dad filed for bankrupty about 5 or 6 years ago and he had a whole bunch of electronic equipment that he bought with credit cards and they never took any of it back after he filed for bankrupty.

I think it was chapter 11 or 13. Not sure though. Check into it.

 

[pushing_fe]

LMAO. There was this guy I now that thought that all of the bank's computers were going to crash fro Y2K so he ran up all kinds of credit card debt. What a surprise he had.

I would advise you to take out a 2nd mortgage and pay them off or contact a consumer credit agency and get some help. You don't want to walk down that road...

 

[p0ink]

go here and ask. seriously.

www.clarkhoward.com

 

[FarBeyondDriven]

they will hound you and hound you, and eventually for that much money they may fill suite on you.

Two cars, you will loose one, most states they have to leave you with transportation, plus if their are lienholders on them they have first dibs.

A house, depends on size and what not of house. You can't file bankruptcy, have a million dollar home, and expect to keep it.